The product has the option to pay customers a lumpsum on diagnosis of a heart ailment or cancer. The product also has the option of increasing the amount of cover every year.

In case of initial diagnosis, the policy continues without having to pay any future premiums. There is option to choose the type of cover, either heart or cancer or have the option to purchase both covers.

A 35-year-old male can buy Rs 20 lakh cancer cover for a policy term of 40 years by paying premium of Rs 4,800 a year. Similarly, a 35-year-old male can buy a combination of Rs 20 lakh cancer cover and Rs 10 lakh heart cover for Rs 10,000 a year.

“Health insurance is a small part of our premium income,” said Puneet Nanda Executive Director ICICI Prudential Life Insurance. “We expect growth rate for protection to be higher and are focusing on growing overall protection segment.”

Life insurance companies are launching heart and cancer products as they say these two account for over 50% of casualties in India. “Medical research suggests that India has the highest rate of cardiac arrests in the world and it is estimated that 2 lakh heart surgeries are conducted every year,” the company said. Cancer cases are expected to rise by 25% by 2020.

The product has an add-on benefit called income replacement, which provides 1% of the insurance cover as monthly payments to the customer. This will offset any temporary loss of income, which an individual may have to face, while undergoing the medical treatment.